MUSCAT: Thai state-owned energy firm PTT has signed an agreement with its subsidiaries in the Sultanate of Oman for the procurement of around 9 million barrels of Oman crude annually.
Auttapol Rerkpiboon, President and Chief Executive Officer of PTT Public Company Limited (PTT), presided over the signing ceremony of the Sale and Purchase Contract of Oman crude between PTT and PTTEP Oman E&P Corporation (POC) and PTTEP MENA Limited.
The contract was signed by Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT, and Montri Rawanchaikul, Chief Executive Officer, PTT Exploration and Production Public Company Limited (PTTEP). Kris Imsang, Chief Operating Officer, Downstream Petroleum Business Group, PTT, also witnessed the signing.
Disathat Panyarachun, Senior Executive Vice President, International Trading Business Unit, PTT, said Oman crude is widely recognised as one of the most important crude benchmarks in the world. With the accomplishment of the Joint Collaboration Agreement with PTTEP, PTT International Trading Business Unit is proud to enter into the Crude Sales Agreement with PTTEP Oman E&P Corporation and PTTEP MENA Limited for the procurement of approximately 9 million barrels per year of Oman crude oil.
“Besides, the collaboration is another milestone of successful synergy among PTT Group between upstream and downstream. Furthermore, such collaboration guarantees the energy security of Thailand as well as enhances the efficiency in managing supply/demand base and strengthens competitiveness of the Group in international territories,” the parent group said in a press statement.
Montri Rawanchaikul, Chief Executive Officer, PTTEP said PTTEP has investments in three producing projects in the Sultanate of Oman: the Oman Block 61 Project, the PDO (Block 6) Project and the Mukhaizna (Block 53) Project - which are recognized as ones of the largest petroleum assets in the country. Through investments in these three projects, PTTEP has established a strong foothold, creating the company's long-term growth in the Middle East as well as generating revenues for Thailand, it stated.
PTTEP has participating interests through its subsidiaries in the Oman Block 61 project, the PDO (Block 6) Project and the Mukhaizna (Block 53) Project at 20 per cent, 2 per cent and 1 per cent, respectively. By combining the equity portion of the three projects, PTTEP holds approximately 24,000 barrels per day of Oman crude oil.
Oman Observer is now on the WhatsApp channel. Click here
